Mortgagee Letter 2008-39

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AARP Files Another Non-Recourse Lawsuit

Aug 08, 2011By

Months after their lawsuit prompted HUD to rescind Mortgagee Letter 2008-38 AARP has filed a new lawsuit alleging Wells Fargo and Fannie Mae continue to fail to provide families the ability to purchase homes for the appraised value according to the non-recourse provisions of the HECM program. The suit, filed in the U.S. District Court for the Northern District of California in San Francisco requests class action status and seeks an injunction prohibiting illegal foreclosures and evictions, including damages for breach of contract. The suit alleges that plaintiffs were never informed of their right to purchase the properties at

3d rendering of a row of luxury townhouses along a street

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